The creation and development of the European Union
is an event of far-reaching significance following World War
II. Since the launch of the European Coal and Steel
Community in 1952, the EU has become what it is today
through the stages of the Tax and Customs Union, the Single
Market and the Economic and Monetary Union. Its integration
in the foreign policy, defence and social fields has made
headway. The Euro has been put to circulation successfully
and a single area of justice is taking shape. The EU is now
a strong and the most integrated community in the world,
taking up 25 and 35 percent of the world's economy and trade
respectively and ranking high on the world's list of per
capita income and foreign investment.
In 2004,
the EU will be enlarged to a total membership of 25.The new
European Union would then cover much of Eastern and Western
Europe with an area of four million square kilometres, a
population of 450 million and a GDP of over 10 trillion US
Dollars.
Despite its difficulties and
challenges ahead, the European integration process is
irreversible and the EU will play an increasingly important
role in both regional and international affairs.
|